Annual Turkish M&A Review 2019
January 2020 M&A Basis of Presentation
Transactions data presented in this report are based on information that is readily available in the public domain and include transactions with regulatory approval and closing procedures still ongoing at the year end.
This study does not include capital market transactions, IPOs, real estate sales, intra-group share transfers and transactions of financial institutions within the framework of debt restructuring.
We do not accept any responsibility as to the accuracy or completeness of the data or as to whether all transactions listed herein will necessarily close. Annual Turkish M&A Review 2019
Foreword
Following two consecutive years of While PE-backed deal activity remained recovery from the dip in 2016, the M&A very weak, the contribution of financial activity in Turkey saw a sharp fall in 2019 investors to the total annual deal number due to the macroeconomic and geopolitical was significant at 37%, thanks to numerous challenges. Total annual M&A volume deals sealed by venture capital firms and was around US$5.3 billion through 233 angel investors. deals, representing the lowest annual deal volume since 2009 and a y-o-y decrease of Looking ahead, the uncertainties in the 56%. global economic landscape and the challenges of local companies for growth While the total annual deal number was reduce the risk appetite of investors; similar to the past ten-year average, the however, Turkish market continues to reflection of such activity on the total deal present attractive opportunities for volume was weak as one-third of the total strategic deals. deal number was driven by start-up M&As with small price tags and there were almost On behalf of our corporate finance team in no big-ticket transactions. Deloitte Turkey, we are delighted to share our annual Turkish M&A review, featuring Despite challenges, foreign investors made our analyses and views regarding the M&A Başak Vardar a solid contribution to the total annual market here. Financial Advisory Leader deal volume with 64% and kept their deal Partner number flat in comparison to the past couple of years through acting with a strategic perspective. On the other hand, due to the general inactivity in the market, their annual deal volume marked one of its lowest levels historically.
1 Annual Turkish M&A Review 2019
A quiet year for the Turkish M&A market
Turkish market left behind the poorest M&A year in terms of deal volume since 2009. Total M&A deal volume in 2019 was around US$5.3 billion through 233 transactions, indicating a y-o-y decline of 56% and 9% in terms of deal volume and deal number, respectively. Despite delivering one of the weakest volumes historically, the total deal number was lifted to the past ten-year average by numerous early-stage M&As backed by venture capital firms and angel investors, making up 30% of the total annual deal number. Foreign investors continued to pursue mid-cap deals with a strategic rationale and generated 64% of the total annual deal volume; however their total deal volume could not avoid a historically low level. Unlike historic standards, there were almost no big ticket transactions. Financial investor landscape was shaped by venture capital firms and angel investors in the absence of private equity investments.
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Global M&A activity slowed down in 2019 deals; there was only one deal throughout In privatization landscape, the operating due to economic uncertainties including the year with a deal size exceeding US$500 rights of the national lottery company (Milli trade tensions and slower growth million. Excluding top 10 deals (based on Piyango) and the sports betting company expectations. Similarly, Turkish M&A disclosed values), the average deal size of (Spor Toto İddaa) were transferred to market hit the brakes in 2019, following a the remainder corresponded to c. US$12 private sector companies on the basis of recovery period from its dip in 2016 and million. 212 transactions each with a revenue sharing, through tenders held by could not avoid the weakest annual deal deal value less than US$50 million, which Turkish Wealth Fund (TWF) and by Spor volume since the global financial crisis, due accounted for 91% of the total deal number, Toto Organization, respectively. In addition, to the ongoing economic and geopolitical represented 28% of the total deal value the Savings Deposit Insurance Fund (SDIF) challenges. Out of 233 deals, 86 had a (based on an analysis including estimates conducted a single transaction, involving disclosed value adding up to c. US$3.3 for undisclosed values). The acquisition Adabank with a deal value of US$60 million. billion. Considering the estimated value of of Third Bosphorus Bridge and Northern deals with undisclosed values, we estimate Marmara Motorway by China Merchants M&A activity was spread-out across that total M&A volume was around US$5.3 Group was the largest transaction of historically active sectors, including billion, corresponding to a significant drop the year with a disclosed deal value of c. technology, internet & mobile services, of 56% y-o-y (2018 – c. US$12.0 billion US$688.5 million and alone comprised energy, manufacturing, e-commerce, via 256). Total number of deals resisted 13% of the total annual deal volume. Also, food & beverage, chemicals and financial though, owing to the vivacity in the early- the transaction whereby Koç Holding services. Technology (48), internet & mobile stage M&A market, that made up 30% of increased its stake in Yapı Kredi Bankası for services (32) and energy (24) took the first the total annual deal number. a consideration of c. US$402.6 million was seats as the most targeted sectors and the largest transaction involving a Turkish together made 45% of total annual deal The annual deal volume of foreign investors investor. number. The deal number in technology (c. US$3.4 billion including estimates for and internet & mobile services were mainly undisclosed values) dropped significantly Both PE and VC-backed deals shrunk in driven by early stage investments of VC by 55% y-o-y (2018 – c. US$7.6 billion) 2019 in comparison to the last couple of firms and angel investors. Infrastructure and remained at one of its lowest levels years. Financial investors sealed a total alone represented 22% of the total annual historically. Nevertheless, foreign investors of 87 deals with a total deal volume of deal volume (including estimates for made again a solid contribution to the c. US$0.9 billion (including estimates for undisclosed values) and the manufacturing annual deal volume at 64%, a higher undisclosed values), making the lowest industry was the runner-up by representing share than the past ten-year average (10- level in the last decade. On the other hand, 15% of the total annual deal value (including year period – 57%). The share of foreign their contribution to the total annual deal estimates for undisclosed values). The investors in the total annual deal number number was significant at 37% due to the majority of the sectoral deal volumes in was limited at 30% with 71 transactions. abundance of venture capital and angel high ranking sectors by deal value were Furthermore, Turkish investors generated investor deals involving start-up companies driven by only a couple of relatively sizeable an annual deal volume of c. US$1.9 billion (69 deals out of 87 financial investor deals). transactions of the year, involving Third (including estimates for undisclosed values) Private equity firms continued to struggle Bridge, Yapı Kredi Bankası and Boyner with 162 transactions, representing a to find attractive targets and kept their Perakende. decrease of 57% and 11%, respectively, focus on the performance of their portfolio versus 2018. Turkish investors comprised companies, as reflected in a limited Although global economic uncertainties 36% and 70% of the total annual deal number of deals throughout the year (9 and geopolitical headwinds are likely to volume and deal number, respectively. deals). The share of private equity firms in persist in 2020, the Turkish market offers the total deal number of financial investors strategic opportunities to investors and we While small and middle market transactions dropped to its lowest level in 2019 with expect the Turkish M&A activity to pick up dominated the overall M&A activity in 10%. The largest transaction involving a in a rebalancing and recovery environment. 2019, the ten largest transactions – based financial investor was a private equity deal on disclosed values – comprised c. 50% namely Mayhoola for Investments - Boyner of the total annual deal volume (including Perakende deal with a consideration of c. estimates for undisclosed values). The US$405.2 million, also the second largest average deal size dropped significantly to transaction of the year. US$23 million from US$47 million in 2018 in the abundance of small ticket start-up
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At a glance
Year 2015 2016 2017 2018 2019
Deal Number 245 246 295 256 233
Deal Volume US$16.4 billion US$7.3 billion US$10.3 billion US$12.0 billion US$5.3 billion
Privatizations / US$1.8 billion US$0.7 billion US$0.6 billion US$1.0 billion - / - ** Share in Total / 11% / 10% / 6% / 8%
Foreign Investors / US$11.5 billion US$3.8 billion US$5.5 billion US$7.6 billion US$3.4 billion Share in Total / 70% / 52% / 53% / 63% / 64%
Financial Investors 19% of deal value / 22% of deal value / 25% of deal value / 8% of deal value / 17% of deal value / 21% of deal number 41% of deal number 49% of deal number 41% of deal number 37% of deal number
Average Deal Size(*) c. US$67 mn c. US$30 mn c. US$35 mn c. US$47 mn c. US$23 mn
Share of the Ten 50% 37% 50% 63% 50% Largest Deals in Total Volume
Largest Deal Value US$3.0 bn US$687.8 mn US$1.4 bn US$3.2 bn US$688.5 mn (Third / Share in Total (Finansbank) (Mars Entertainment (OMV Petrol Ofisi) ; (Denizbank) Bosphorus Bridge) / 18% Group) / 9% / 14% / 27% / 13%
Note: Data presented above include estimates for deals with undisclosed values and are adjusted for cancelled transactions. (*) Excluding the ten largest deals, the average deal size of the remainder was c. US$35, c. US$19, c. US$18, c. US$18 and c. US$12 million in respective years. (**) Please see Privatization section on page 16.
DealDeal VolumeVolume and and Deal Deal Number Number
35 2.2% 2.5% 1.8% 1.8% 1.9% 1.9% 1.6% 1.2% 30 0.8% 0.8% 0.7% 1.000
25 253 295 256 190 237 215 234 245 246 233 101 100 20
15 10 (US$ billion)
10 22,0 17,3 17,5 18,0 15,0 16,4 12,0 1 5 10,3 7,3 5,2 5,3 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Deal Value Deal Number Deal Value/GDP
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Investor origin
Foreign and Turkish investors generated Deal Volume By Origin(*) Deal Volume By Origin 64% and 36% of the total annual 20 deal volume (including estimates for 100% undisclosed values), respectively, through 74% 70% 18 60% 63% 64% 59% 52% 53% making up 30% and 70% of the total 44% annual deal number, respectively. Foreign 16 30% 50% investors were involved in 71 transactions 14 13,0 amounting to c. US$3.4 billion (including 12,3 0% 11,5 estimates for undisclosed values), while 12 11,1 10,4 Turkish investors generated a total volume 10,1 10 9,0 -50% of c. US$1.9 billion (including estimates for 7,9 8 7,6 disclosed values) through 162 deals. (US$ billion) 6,9 5,5 -100% 6 5,3 4,9 4,8 Despite exceptionally low overall M&A 3,9 4,4 3,5 3,8 3,4 activity, foreign investors contributed to 4 1,9 -150% the total annual deal volume at 64%, a 2 higher share than last decade’s average of 57%; and their annual deal number 0 -200% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 remained flat compared to the last two years, despite being c. 25% less than the Turkish Investors Foreign Investors Foreign Investor Contribution last 10-year average. On the other hand, the total deal volume of foreign investors contracted by 55% y-o-y (2018 – US$7.6 billion), representing one of the lowest volumes historically. Similarly, the total Deal Number By Origin value of the deals and total number of Deal Number By Origin deals involving Turkish investors decreased 350 57% by 57% (2018 – US$4.4 billion) and 11%, 60% 46% 48% 51% respectively. 41% 300 35% 38% 29% 40% 24% 30% 250 20% 225 0% 200 182 162 153 -20% 139 150 131 137 128
(US$ billion) 119 121 120125 104 113 -40% 100 89 93 72 70 74 71 -60% 50 -80%
0 -100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Turkish Investors Foreign Investors Foreign Investor Contribution
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ForeignForeign Investors' Investors' Deal Deal Number Number By Region By Region European investors once again took on the lead with 43 deals exceeding a total value 50 of US$1.3 billion (including estimates for undisclosed values), thereby comprising 45 43 41 61% and 40% of foreign investors’ total 40 deal number and volume, respectively. On 36 36 35 the other hand, investors from Asia Pacific and Gulf regions concluded the year with 30 12 deals and 6 deals, respectively, together 25 made up 50% of foreign investors’ total annual deal volume. In line with previous 20 18 17 16 years, investors from USA and the UK 15 13 12 12 were at the top of the list in terms of deal 11 10 10 10 9 9 numbers, followed by French, German and 6 5 Japanese investors. On another note, there 5 4 were some foreign investors who increased - - 0 their stakes in their Turkish subsidiaries, Europe Asia Pacific North America Gulf Other as well as a few others who exit their 2016 2017 2018 2019 investments in Turkey.
(*) ForeignBreakdown Investors' of Foreign Deal Investors' Volume Deal By Volume Region(*) By Region
60% 55%
50% 45% 40% 40% 34% 31% 31% 29% 30% 29%
20% 20% 18% 16% 13% 10% 8% 10% 5% 7% 4% 5% - - 0% Europe Asia Pacific North America Gulf Other
2016 2017 2018 2019
(*) Including estimates for undisclosed values.
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Deal Number
Deal Number On a sectoral basis, technology, internet & mobile services, manufacturing, energy Azerbaijan Switzerland Spain 3 and e-commerce attracted significant 3 3 interest from both Turkish and foreign Japan UAE investors. In addition, Turkish investors 3 6 were largely active in food & beverage, Germany financial services and healthcare while 8 Turkey Foreign foreign investors pursued deals remarkably Investors in chemicals and tourism sectors. 162 France 71 Other 8 19 In terms of deal volume, financial services UK and energy hosted 26% and 16% of 8 the total annual deal volume (including USA 10 estimates for undisclosed values) of Turkish investors, respectively; while foreign investors’ deal volume was mostly dominated by infrastructure, manufacturing and retail sectors, together representing 57% of foreign investors’ Deal Value (Disclosed; US$ million) annual deal volume (including estimates for Deal Value (Disclosed; US$ million) undisclosed values).
Qatar 23%
USA Turkish Foreign China 11% Investors Investors 31% 34%(*) 66%(*)
Japan 11%
Netherlands Other 8% 11% South Korea 5%
(*) 36% Turkish Investors / 64% Foreign Including estimates for deals with undisclosed values.
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Financial investor activity
In 2019, financial investors engaged in 87 Backed by venture capital funds and transactions worth approximately US$0.9 angel investors, technology and internet billion (including estimates for undisclosed & mobile services were the two of the values), which corresponded to a decline most-in-demand sectors hosting 36 of 17% y-o-y in terms of deal number and and 25 deals, respectively; followed by represented the lowest volume in the last e-commerce (11), food & beverage (4) and decade. energy (3) sectors. On the other hand, most of the financial investors’ deal volume Among financial investors, VC funds and came from deals in retail, pharmaceuticals, angel investors contributed most (at 79%) energy and manufacturing sectors. to the total annual financial investor deal number. Those VC and angel investors also Despite weak private equity market, we made up 30% of the overall deal number witnessed a number of exits by financial in 2019. investors.
Although private equity activity was once again very low, the second largest transaction of the year (based on disclosed values) was sealed by a private equity firm. The acquisition of Boyner Perakende (43.9%) by Mayhoola for Investments for a consideration of c. US$405.2 million was the largest transaction of the financial investors in 2019.
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Financial Investor Activity(*)
35 52 100 146 105 87 21% of deal 41% of deal 49% of deal 41% of deal 37% of deal 30% number number number number number 30 25% 20% 22% 19% 25 17% 10%
20 8% 0% 16,4 15 -10%
(US$ billion) 12,0 10,3 10 7,3 -20% 5,3 5 3,1 2,6 -30% 1,6 1,0 0,9 0 -40% 2015 2016 2017 2018 2019 Total Deal Value Financial Investor Deals Deal Number
(*) Including estimates for deals with undisclosed values.
Financial Investor Exits
Seller Target Acquirer
Actera Kamil Koç FlixMobility
EBRD Borsa İstanbul Türkiye Varlık Fonu
EBRD Paşabahçe Cam Sanayi Türkiye Şişe Cam Fabrikaları A.Ş.
Egeli Co Tolina Tarım Hayvancılık ve Private Investor (Ahmet Mete Hacaloğlu) Gıda Ürünleri
Invest AD Ekol Lojistik Private Investor (Ahmet Musul)
İş Girişim Kronotrop Private Investor (Menderes Utku)
İş Girişim Numnum Restoranları Taxim Capital (through BigChefs)
KFH Capital Investment Company Autoland Otomotiv SBK Holding
Path Investments ARAR Petrol and Alpay Enerji Private Investor (Server Fatih Alpay)
Revo Capital, IFC, Endeavor Catalyst Foriba Sovos
Revo Capital, Ribbit Capital, 500 Istanbul, Paraşüt DST Teknoloji Diffusion Capital Partners
Tiger Global Management Evidea.com Private Investor (Topbaş Family)
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Financial Investor Deal Number by Investor Type Financial Investor Deal Number by Investor Type 100%
78% 79% 77% 75% 64%
50% 38%
26% 24% 25% 23% 13% 13% 12% 10% 9% 9% 7% 6% 6% 4% 1% 1% 0% 2015 2016 2017 2018 2019 Private Equity Development Bank Other VC & Angel
Financial Investor Deal Volume by Investor Type Financial Investor Deal Volume by Investor Type
100%
83% 84% 74% 76% 75%
56%
50%
32%
25% 21% 13% 13% 10% 8% 6% 7% 3% 2% 4% 4% 2% 0% 2% 0% 2015 2016 2017 2018 2019 Private Equity Development Bank Other VC & Angel
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Venture Capital and Angel Investor Deals
Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
1 212 Capital Partners Turkey OmmaSign Technology N/D 1,7
2 500 Istanbul Turkey Fazla Gıda Technology N/D N/D
3 500 Istanbul Turkey Kondukto Technology N/D 0,2
4 500 Istanbul Turkey Lifemote Technology N/D 0,3
5 500 Istanbul, Maxis, KWORKS Fund, Turkey Kolay İK Technology N/D 1,3 Galata Business Angels
6 Ak Portföy Girişim Sermayesi, 212 Turkey ODC Business Solutions Technology 20% N/D Capital Partners, Endeavor Catalyst
7 Albaraka Fintech Girişim Sermayesi Turkey Inooster Technology N/D N/D
8 Albaraka Fintech Girişim Sermayesi Turkey Kronnika Technology N/D N/D
9 Albaraka Fintech Girişim Sermayesi Turkey Pedudi Technology N/D N/D
10 Albaraka Fintech Girişim Sermayesi Turkey TamEntegre Technology N/D N/D
11 Atanova Ventures, Private Investors Turkey DüğünBuketi.com Internet & Mobile N/D N/D (Doruk Pala, Atakan Atalar, Deniz Services Güvenen)
12 Bosphorist Venture Capital Turkey Metamorfoz Technology N/D N/D
13 Collective Spark, Esor Investments Turkey, Prisync Technology N/D 1,0 Germany
14 Collective Spark, Galata Business Turkey UserGuiding Technology N/D 0,2 Angels
15 Collective Spark, Keiretsu Forum Turkey Pakolino E Commerce N/D 0,3 Turkey
16 Collective Spark, Social Capital, Turkey DekoPasaj E Commerce N/D 2,1 Galata Business Angels, Keiretsu Forum Turkey, EGİAD
17 DAAL, Innovation Agency of Saudi Arabia, Paym.es Internet & Mobile N/D 1,0 Azerbaijan Azerbaijan Services
18 EGİAD Melekleri, Arya Women, Turkey TutumluAnne.com E Commerce N/D N/D Galata Business Angels
19 ERBAN Turkey Klonbiyotek Technology N/D N/D
20 ERBAN, TR Angels Turkey Batron Arge Technology N/D N/D
21 Esas Ventures, Private Investors Turkey Tarentum Technology N/D 0,7 (Kenan Çolpan, Turgut Gürsoy, Varol Civil, Emre Kurttepeli)
22 Esor Investments Germany Marketyo Internet & Mobile N/D 1,4 Services
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Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
23 Galata Business Angels Turkey AloTech Technology N/D 0,1
24 Galata Business Angels Turkey Fazla Gıda Technology N/D 0,5
25 Galata Business Angels Turkey Garaj Sepeti Internet & Mobile N/D 0,2 Services
26 Galata Business Angels Turkey Temiz.co Internet & Mobile N/D 0,2 Services
27 Galata Business Angels Turkey TutumluAnne.com E Commerce N/D N/D
28 Hedef Girişim Turkey Ftech Bilişim Technology 15% 0,1
29 KT Portföy Teknogirişim Girişim Turkey Akaunting Yazılım A.Ş. Technology N/D N/D Sermayesi Yatırım Fonu
30 Makers Fund, Balderton Capital Singapore, Dream Games Internet & Mobile N/D 7,5 UK Services
31 Maxis, Collective Spark Turkey Mutlubiev (Cleanzy) Internet & Mobile N/D 2,1 Services
32 Private Investor (Ilke Bigan) Turkey Armut.com Internet & Mobile N/D N/D Services
33 Private Investor (Kaan Boyner) Turkey Minoto E Commerce N/D N/D
34 Private Investor (Kıvılcım Çaylı) Turkey Adalethanım Technology N/D N/D
35 Private Investor (Topbaş Family) Turkey Evidea.com E Commerce N/D N/D
36 Private Investors (Ahmet Bozer, Turkey Twin Technology N/D 0,4 Erdem Yılmaztürk, Orhan Ayanlar, Banu Kısakürek, Onur Canlıtepe)
37 Private Investors (Ali Rıza Yıldırım, Turkey Viravira.co Internet & Mobile N/D 0,1 Demirhan Şener, Şevket Başev, Services Murat Akbudak)
38 Private Investors (Alper Akcan, Turkey Alivex Internet & Mobile N/D 0,3 Mustafa Sevinç, Mustafa Vardalı, Services Burak Sağlık)
39 Private Investors (Alper Akcan, Turkey Lisa Internet & Mobile N/D N/D Mustafa Sevinç, Mustafa Vardalı, Services Burak Sağlık)
40 Private Investors (Emin Güler Sirer, Turkey BİLira Technology N/D 0,3 Varol Civil, Alp Ihlamur, Onur Umut)
41 Private Investors (Erim Taylanlar, Turkey Price&Me Internet & Mobile N/D 0,1 Hande Enes, Abdullah Kırkıncıoğlu, Services Ömer Erkmen, İsmail Murat Özcan, Abdulkadir Özbek)
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Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
42 Private Investors (Faik Ulutaş, Turkey Shopi Internet & Mobile N/D 0,5 Mehmet Sinan Kızıldağ, Haluk Can Services Hür, Ari Keşişoğlu, Fatih Çalkan, Gökçe Kabatepe, Aydın Evren Özol, Melih Ödemiş)
43 Private Investors (Faruk Eczacıbaşı, Turkey Reengen Technology N/D N/D Kerim Sengir, Samet Ensar Sarı, Onur Kavak, Berç Çubukçiyan), İstech
44 Private Investors (Hande Enes and Turkey Appsilon Diamond Work Technology N/D 1,1 others)
45 Private Investors (Hande Enes, Kaan Turkey PlayZ Internet & Mobile N/D N/D Kalıpçı, Rıfat Elhadef, Demirhan Services Büyüközcü, Erdem Gezer)
46 Private Investors (Koray Bahar, Ali Turkey Ekmob Technology N/D 0,2 Rıza Babaoğlan, Altay Tınar, Melih Herman, Merve Gürel, Erman Turan, Engin Mayer Frayman, Sami Can Tandoğdu)
47 Private Investors (Lara Hekimoğlu, Turkey Olleyy Internet & Mobile N/D N/D Melis Hekimoğlu, Tamer Çamkıran, Services Nesim Geron)
48 Private Investors (Utkan Şandan, Turkey Earnado Internet & Mobile N/D 0,1 Nurettin Şendoğan) Services
49 Pytch Ventures Malta manibux Internet & Mobile N/D N/D Services
50 Şirket Ortağım Angel Investors Turkey Engelsiz Çeviri Technology N/D N/D Network
51 Şirket Ortağım Angel Investors Turkey Hibrigen Healthcare N/D N/D Network
52 StartersHub Turkey Udentify Technology N/D 0,2
53 Startup Wise Guys Estonia LOKI Technology N/D N/D
54 T3 Girişim Merkezi Turkey imageRAD Software Technology N/D N/D
55 T3 Girişim Merkezi Turkey inMapper Internet & Mobile N/D N/D Services
56 T3 Girişim Merkezi Turkey Trexo Inovasyon Technology N/D N/D
57 Tarvenn Ventures Turkey Sertifier Technology N/D N/D
58 Tarvenn Ventures Turkey Studio Billion Internet & Mobile N/D N/D Services
59 Tarvenn Ventures Turkey Wasp E Commerce N/D N/D
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Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
60 Tarvenn Ventures, Private Investors Turkey Kahvegibikahve E Commerce N/D N/D (Ayşe Tuba Araz, Figen Korun, Sinan Güler, Tolunay Yıldız, Nur Öztürk, Ömer Duran, Ramazan Evren, Tarman Danışmanlık, Tuba Dönmez, Şükrü Dönmez)
61 Tarvenn Ventures, Private Investors Turkey ForFarming Technology N/D N/D (Volkan Çağsal, Gamze Sart, Mehmet Tarman, Efe Tarman, Müge Karadayı, Figen Korun, Tolunay Yıldız, Frederic Fatih Pagy, Belkıs Kuşçulu Özer)
62 TT Ventures Turkey ELTEM-TEK Elektrik Tesisleri Energy 11% N/D ve Mühendislik Hizmetleri A.Ş.
63 TT Ventures, Idacapital, Capria Turkey, USA MentalUP Internet & Mobile N/D N/D Services
64 Türk Holding Girişim Sermayesi Turkey Payfull Internet & Mobile N/D N/D Services
65 Vela Partners, Atlantic Labs, Private USA, Meditopia Internet & Mobile N/D 2,5 Investors (Burak Sağlık, Mustafa Germany, Services Sevinç, Mustafa Vardalı, Alper Akcan, Turkey Sinan Güler, Murat Balcı)
66 Vinci Venture Capital Turkey Octovan Internet & Mobile N/D N/D Services
67 Vinci Venture Capital, StartersHub, Turkey Thread In Motion Technology N/D N/D Private Investors (Ebru Dorman, Onur Topaç, Murat Balcı)
68 Wamda Capital, 212 Capital Partners UAE, Turkey Martı Internet & Mobile N/D N/D Services
69 Ziraat Girişim Sermayesi Turkey Metal Oto Services N/D N/D
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Financial Investor Deals excluding VC, Angel Investor and Private Wealth Investor Deals
Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
1 EBRD UK İçtaş Sürdürülebilir Enerji Energy N/D 100,0 Yatırımları
2 EBRD UK Modanisa E Commerce N/D N/D
3 EBRD, Earlybird Digital East Fund UK, Turkey oBilet E Commerce N/D 5,0
4 Goldman Sachs, Wamda Capital USA, UAE Modanisa E Commerce N/D N/D
5 Mayhoola for Investments Qatar Boyner Perakende ve Retail 44% 405,2 Tekstil Yatırımları A.Ş.
6 Metric Capital Partners, Morgan UK, USA, Sanovel İlaç, Adilna İlaç, Pharmaceuticals N/D N/D Stanley and Turkish Investors Turkey Aset İlaç (through Yamma Investments)
7 Pasha Investments Azerbaijan Bonfilet Et Sanayi ve Tic. A.Ş. Food & Beverage N/D N/D
8 Taxim Capital Turkey ALKE Sağlık Ürünleri Pharmaceuticals 100% N/D
9 Taxim Capital Turkey Netcad Technology 21% N/D
10 Taxim Capital Turkey SR Bilişim and Biznet Bilişim Technology N/D N/D
11 Taxim Capital (through BigChefs) Turkey Numnum Restoranları Food & Beverage 100% 2,0
12 True Value Capital Partners Turkey Temsa Ulaşım Araçları Manufacturing 100% 63,1
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Deal size ranges
2019 was characterized by i) lack of big The ten largest deals (based on disclosed While the average deal size including all ticket transactions and ii) lowest average values) made up 50% of the total annual deals was US$23 million, considerably deal size in the last decade. deal volume. The average size of the top ten lower compared to 2018 figure of US$47 deals was c. US$264 million, significantly million, the average deal size excluding Small and middle market transactions lower than the average in previous years the ten largest transactions was US$12 once again dominated the vast majority of (2017 – US$510 million; 2018 – US$756 million (2018 - US$18 million), indicating transactions in 2019. 212 transactions each million). The biggest transaction of the the absence of big ticket transactions with a deal value less than US$50 million, year was the majority acquisition of Third as well as the abundance of small scale corresponding to 91% of the total number Bosphorus Bridge and Northern Marmara venture capital and angel investor deals. of deals, represented 28% of the total deal Motorway by China Merchants Group, with On another note, the average deal size of volume. Conversely, transactions each with a deal value of c. US$688.5 million. venture capital and private investor deals a deal value higher than US$100 million, was US$0.9 million. corresponding to 6% of the total number of deals, represented 61% of the total deal volume. Unlike historical trends, there was only one deal with a size of above US$500 million.
Deal Value Ranges(*)
Range Share in Deal Number (%) Share in Deal Volume (%)
Over US$500 million 0% (#1) 13%
Between US$250 – 500 million 1% (#3) 21%
Between US$100 – 250 million 4% (#9) 27%
Between US$50 – 100 million 4% (#8) 11%
Between US$10 – 50 million 18% (#41) 20%
Less than US$10 million 73% (#171) 8%
(*) Including estimates for deals with undisclosed values.
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The Ten Largest Transactions (based on disclosed values)
Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
Third Bosphorus Bridge and 1 China Merchants Group* China Infrastructure 51% 689 Northern Marmara Motorway
Boyner Perakende ve Tekstil 2 Mayhoola for Investments Qatar Retail 44% 405 Yatırımları A.Ş.
3 Koç Holding Turkey Yapı Kredi Bankası Financial Services 9% 403
Ulusoy Elektrik Imalat Taahhüt 4 Eaton Capital Unlimited Company USA Manufacturing 94%** 247 ve Ticaret A.Ş.
5 Nippon Paint Japan Betek Boya Chemicals 96% 247
6 Türkiye Şişe ve Cam Fabrikaları A.Ş. Turkey Paşabahçe Cam Sanayi Manufacturing 15% 168
7 PayU Netherlands iyzico Financial Services 100% 165
8 Lotte Advanced Materials South Korea Peker Yüzey Tasarımları A.Ş. Manufacturing 73% 112
Al Rayyan Tourism Investment Dolapdere Titanic Hotel and 9 Qatar Tourism 100% 101 Company Veli Alemdar Han Hotel
İçtaş Sürdürülebilir Enerji 10 EBRD UK Energy N/D 100 Yatırımları
* A consortium of Chinese companies including China Merchants Expressway, CMU, Zhejiang Expressway, Jiangsu Expressway, Sichuan Expressway and Anhui Expressway. ** Includes shares acquired through a mandatory tender call. Note: If the terms were disclosed, a few other transactions would be expected to enter the top ten list based on our estimates.
17 Annual Turkish M&A Review 2019
Privatizations
Only 2 privatization deals were realized in On another note, the Savings Deposit 2019, involving the transfer of operating Insurance Fund (SDIF) tendered Adabank, rights of the national lottery company (Milli which had a deal value of c. US$60 million. Piyango) and the sports betting company (Spor Toto İddaa) through tenders held by TWF and Spor Toto Organization, respectively. Those transactions were based on revenue sharing model, thus were presented herein with no deal value. TWF’s current portfolio signals a stronger activity in this area in 2020.
Acquirer Origin Target Sector Deal Value (US$ million)
1 Demirören Holding and Scientific Games Turkey, USA Spor Toto İddaa Entertainment N/A* (through Şans Ortak Girişimi)
2 Şans Ortak Girişimi, Sisal Turkey, Italy Milli Piyango Entertainment N/A*
(*) Deal structure includes revenue sharing model, thus no transaction value is assigned.
Privatizations (*) Privatizations 30 7 4 11 18 2 40%
25 30% 20% 11% 20 10% 8% 6% 10% 16,4 0% 0% 15 12,0 -10% 10,3 10 -20% (US$ billion) 7,3 5,3 -30% 5 1,8 -40% 1,0 0,7 0,6 0,0 0 -50% 2015 2016 2017 2018 2019
Total Deal Value Privatizations Ratio to Total Deal Value (%) Deal Number
(*) Figures above do not include SDIF sales
18 Annual Turkish M&A Review 2019
Sectoral overview
Similar to previous year and in the Deal Number abundance of VC and angel investor-backed Deal Number deals involving targets in these sectors, Technology 48 technology and internet & mobile services Internet & Mobile Services 32 were the most popular sectors with 48 Energy 24 and 32 deals, respectively, and together Manufacturing 21 comprised c. 34% of the total annual E Commerce 13 deal number. Energy, manufacturing, Food & Beverage 12 e-commerce, food & beverage and Chemicals 11 chemicals were also among the most M&A Financial Services 10 active sectors. Tourism 8 Services 8 While infrastructure was the biggest Healthcare 7 contributor to overall annual deal Mining 5 volume at 22% (including the estimates Logistics & Transportation 5 for undisclosed values); manufacturing, Infrastructure 5 financial services, energy and retail Wholesale & Distribution 4 significantly outperformed the rest of Other 20 the sectors and together provided a 0 10 20 30 40 50 60 major contribution (48%) to the total M&A deal volume (including estimates for undisclosed values).
On another note, the total sectoral deal Deal Value (Disclosed; US$ million) volume in infrastructure, financial services Deal Value (Disclosed; US$ million) and retail was derived from a single or Infrastructure 699 two major transactions such as, Third Bosphorus Bridge and Northern Marmara Financial Services 630 Motorway, Yapı Kredi Bankası and Boyner Manufacturing 622 Perakende deals. Retail 503 Tourism 279 Chemicals 252 Energy 120 Education 90 Mining 56 E Commerce 20 Internet & Mobile Services 16 Healthcare 16 Other 43
0 100 200 300 400 500 600 700 800
19 Annual Turkish M&A Review 2019
2019 Deal list
# Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
1 212 Capital Partners Turkey OmmaSign Technology N/D 2
2 500 Istanbul Turkey Fazla Gıda Technology N/D N/D
3 500 Istanbul Turkey Kondukto Technology N/D 0
4 500 Istanbul Turkey Lifemote Technology N/D 0
5 500 Istanbul, Maxis, KWORKS Fund, Turkey Kolay İK Technology N/D 1 Galata Business Angels
6 Acarlar Dış Ticaret ve Makine Sanayi, Turkey Evrencik Rüzgar Energy 100% N/D AundE TEKNİK, Coy Tekstil
7 Ak Gıda Sanayi ve Ticaret A.Ş. Turkey Dairy Business of Gürsüt Food & Beverage 100% N/D and Pro Gıda
8 Ak Portföy Girişim Sermayesi, 212 Turkey ODC Business Solutions Technology 20% N/D Capital Partners, Endeavor Catalyst
9 Akfen Yenilenebilir Enerji (through Turkey Zorlu Rüzgar Enerjisi Üretimi Energy 100% N/D İmbat Enerji) A.Ş.
10 Al Rayyan Tourism Investment Qatar Dolapdere Titanic Hotel and Tourism 100% 101 Company Veli Alemdar Han Hotel
11 Albaraka Fintech Girişim Sermayesi Turkey Inooster Technology N/D N/D
12 Albaraka Fintech Girişim Sermayesi Turkey Kronnika Technology N/D N/D
13 Albaraka Fintech Girişim Sermayesi Turkey Pedudi Technology N/D N/D
14 Albaraka Fintech Girişim Sermayesi Turkey TamEntegre Technology N/D N/D
15 Altavia France Altavia Dekatlon Media N/D N/D
16 Anadolu Efes, Özgörkey Holding Turkey Anadolu Etap Food & Beverage 40% 0
17 Anex Tourism Group (ATG) Turkey Utopia World Hotel Tourism 100% 40
18 App Holding USA Typorama and Videorama Internet & Mobile 100%, N/D Services 100%
19 Ariana Resources UK Doğu Akdeniz Mineralleri Mining 100% 0
20 Artıbir Enerji Turkey Antges Enerji Energy N/D N/D
21 Aselsan Turkey BITES Defence & Aerospace Technology 51% N/D Technologies Inc.
22 ASF Ses Işık ve Görüntü Sistemleri Turkey SF Ses ve Işık Sistemleri Wholesale & 100% N/D Distribution
23 Aster Tekstil Turkey Yalçın Tekstil Boya ve Apre Chemicals 100% N/D
24 Atanova Ventures, Private Investors Turkey DüğünBuketi.com Internet & Mobile N/D N/D (Doruk Pala, Atakan Atalar, Deniz Services Güvenen)
25 Azelis Holding S.A. Belgium Ekin Kimya Chemicals 100% N/D
26 Bahaş Holding Turkey Mertinox Yapı Malzemeleri Manufacturing 50% N/D
20 Annual Turkish M&A Review 2019
# Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
27 Başdaş Marketler Turkey 7 Perla Market Stores Retail 100% N/D
28 Baxalta Gmbh Switzerland Eczacıbaşı-Shire Sağlık Ürünleri Healthcare 50% 15 San. ve Tic. A.Ş.
29 Bereket Enerji Turkey Karhes Elektrik Üretim Energy 24% 7
30 BIM Birleşik Mağazalar A.Ş. Turkey Aktül Kağıt Üretim Pazarlama Manufacturing 14% 17 A.Ş.
31 Bodal Chemical India Şener Boya Chemicals 80% 5
32 Borlease Otomotiv Turkey Artı Seyahat (Sixt Rent a Car) Services 100% N/D
33 Borsa Istanbul, Finansal Kurumlar Turkey JCR Avrasya Financial Services 85% N/D Birliği, Türkiye Sermaye Piyasaları Birliği, Türkiye Sigorta Reasürans ve Emeklilik Şirketleri Birliği, Ziraat Bankası, Halk Bankası, İş Bankası, Vakıflar Bankası, Garanti Bankası, Yapı Kredi Bankası, Akbank, QNB Finansbank, Türk Eximbank, TEB, Kuveyt Türk, Türkiye Finans, Albaraka Türk Katılım Bankası, TSKB, Ziraat Katılım Bankası, Vakıf Katılım Bankası, Türkiye Kalkınma Bankası
34 Bosphorist Venture Capital Turkey Metamorfoz Technology N/D N/D
35 Boyner Holding Turkey Boyner Büyük Mağazacılık Retail 100% 98 A.Ş., Altınyıldız Tekstil ve Konfeksiyon A.Ş.
36 B-Plas Bursa Plastik Turkey Rözmaş Çelik Manufacturing 100% N/D
37 Broadview Holding B.V. Netherlands Worthington-Arıtaş Basınçlı Manufacturing 100% 8 Kapılar Sanayi A.Ş.
38 Burker Tekstil, EK Group İnşaat Turkey Kuyaş EK Grup İnşaat ve Construction 54% 1 Yatırım A.Ş.
39 Can Holding Turkey İstanbul Bilgi Üniversitesi Education 100% 90
40 Can Holding Turkey Sebat Çakmak Manufacturing 100% 6
41 CCPA Group France Beta Tarım Agriculture & Breeding 100% N/D
42 Cengiz Holding Turkey Halilağa Porphyry Copper Mining 100% 55 Gold Deposit
43 Cengiz İnşaat, Kalyon Havacılık Turkey İGA Havalimanı Infrastructure 20% N/D
44 Cengiz İnşaat, Kalyon Havacılık Turkey Lodos Elektrik Energy 20% N/D
45 China Merchants Group* China Third Bosphorus Bridge and Infrastructure 51% 689 Northern Marmara Motorway
46 CMA CGM SA France Botros & Levante Taşımacılık Logistics & 100% N/D Transportation
47 Collective Spark, Esor Investments Turkey, Prisync Technology N/D 1 Germany
48 Collective Spark, Galata Business Turkey UserGuiding Technology N/D 0 Angels
* A consortium of Chinese companies including China Merchants Expressway, CMU, Zhejiang Expressway, Jiangsu Expressway, Sichuan Expressway and Anhui Expressway. 21 Annual Turkish M&A Review 2019
# Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
49 Collective Spark, Keiretsu Forum Turkey Pakolino E Commerce N/D 0 Turkey
50 Collective Spark, Social Capital, Turkey DekoPasaj E Commerce N/D 2 Galata Business Angels, Keiretsu Forum Turkey, EGİAD
51 Compass Group (through Sofra UK Türkaş Gıda Hizmet ve Services 100% N/D Hazır Yemek) İşletmecilik A.Ş.
52 CooperSurgical USA Medek Medikal Healthcare 100% N/D
53 DAAL, Innovation Agency of Saudi Arabia, Paym.es Internet & Mobile N/D 1 Azerbaijan Azerbaijan Services
54 Demirer Enerji Turkey Doğal Enerji Energy 50% N/D
55 Demirören Holding and Scientific Turkey, USA Spor Toto İddaa Entertainment 100% N/A* Games (through Şans Ortak Girişimi)
56 Denge Yatırım Holding Turkey Yeni Renkler Televizyon Media 100% N/D
57 DIC Corporation (through Sun Japan Makrochemical Endüstriyel Chemicals 70% N/D Chemical Turkey) Kimyasalları
58 Dr. Schär Italy Glutensiz Ada Food & Beverage 100% N/D
59 DST Teknoloji Turkey Paraşüt Technology 100% N/D
60 Durum Gıda Turkey Pastavilla, Kartal, Lunch Food & Beverage 100% 1 & Diner Brands
61 Eaton Capital Unlimited Company USA Ulusoy Elektrik Imalat Taahhüt Manufacturing 94%** 247 ve Ticaret A.Ş.
62 EBRD UK İçtaş Sürdürülebilir Enerji Energy N/D 100 Yatırımları
63 EBRD UK Modanisa E Commerce N/D N/D
64 EBRD, Earlybird Digital East Fund UK, Turkey oBilet E Commerce N/D 5
65 Ege Gübre Turkey TCE Ege Konteyner Terminal Infrastructure 100% 11 İşletmeleri A.Ş.
66 EGİAD Melekleri, Arya Women, Turkey TutumluAnne.com E Commerce N/D N/D Galata Business Angels
67 Eksim Yatırım Holding through Turkey Hacim Enerji Energy 100% N/D İklim Elektrik
68 Electronics for Imaging Inc. USA BDR Boya Chemicals 100% N/D
69 ERBAN Turkey Klonbiyotek Technology N/D N/D
70 ERBAN, TR Angels Turkey Batron Arge Technology N/D N/D
71 Esas Ventures, Private Investors Turkey Tarentum Technology N/D 1 (Kenan Çolpan, Turgut Gürsoy, Varol Civil, Emre Kurttepeli)
72 Esor Investments Germany Marketyo Internet & Mobile N/D 1 Services
* Deal structure includes revenue sharing model, thus no transaction value is assigned. ** Includes shares acquired through a mandatory tender call.
22 Annual Turkish M&A Review 2019
# Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
73 Etiler Gıda Turkey Dudu Büfe Food & Beverage 100% 0
74 Fermator Group Spain Fupa Asansör Manufacturing N/D N/D
75 Fina Enerji, Çanres Elektrik Turkey Ares Elektrik Energy 100% N/D
76 Finberg Turkey Birleşik Ödeme Financial Services 20% N/D
77 Finberg, Birleşik Ödeme Turkey ComPay Financial Services 60% N/D
78 Firmenich SA Switzerland MG Ingredients Kimya San. Chemicals N/D N/D ve Dış Tic. A.Ş.
79 FlixMobility Germany Kamil Koç Logistics & 100% N/D Transportation
80 Fosroc International Limited UK Fosroc Idea Yapı Chemicals 20% N/D
81 Galata Business Angels Turkey AloTech Technology N/D 0
82 Galata Business Angels Turkey Fazla Gıda Technology N/D 0
83 Galata Business Angels Turkey Garaj Sepeti Internet & Mobile N/D 0 Services
84 Galata Business Angels Turkey Temiz.co Internet & Mobile N/D 0 Services
85 Galata Business Angels Turkey TutumluAnne.com E Commerce N/D N/D
86 Goldman Sachs, Wamda Capital USA, UAE Modanisa E Commerce N/D N/D
87 Güler Holding Turkey YapıRadar.com Internet & Mobile N/D 0 Services
88 Hedef Girişim Turkey Ftech Bilişim Technology 15% 0
89 Hektaş Ticaret T.A.Ş. Turkey Akça Tohumculuk Agriculture & Breeding 100% 5
90 Hoshizaki Corporation Japan Öztiryakiler Manufacturing 29% N/D
91 Hürriyet Emlak Turkey Innobil Technology 100% N/D
92 IC İçtaş İnşaat Turkey Third Bosphorus Bridge and Infrastructure 20% N/D Northern Marmara Motorway
93 İTÜ Vakfı Turkey Doğa Koleji Education N/D N/D
94 Kalyon Enerji Turkey Hanwha Kalyon Güneş Enerjisi, Energy 50% N/D Hanwha Kalyon Güneş Teknolojileri
95 Kangal Elektrik, İş Portföy Yönetimi Turkey Akış Enerji Energy N/D N/D
96 Kar Mineral Madencilik Turkey Alanköy and Trab-23 Mining 100% N/D Exploration Projects of EMX Royalty Corporation
97 Kerry Logistics Hong Kong Asav Lojistik Hizmetleri A.Ş. Logistics & N/D N/D Transportation
98 KHM Enerji Turkey Çumra A.Ş. Energy 100% 6
99 Koalay Turkey HesapKurdu Internet & Mobile N/D N/D Services
100 Koç Holding Turkey Yapı Kredi Bankası Financial Services 9% 403
23 Annual Turkish M&A Review 2019
# Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
101 Kopaş Kozmetik Turkey Bébé D’or Wholesale & 100% N/D Distribution
102 KT Portföy Teknogirişim Girişim Turkey Akaunting Yazılım A.Ş. Technology N/D N/D Sermayesi Yatırım Fonu
103 Kunduz Turkey Lala Eğitim E Commerce 100% N/D
104 kyu Collective USA ATÖLYE Media N/D N/D
105 Labiana Group Spain Zoleant İlaç Pharmaceuticals 51% 2
106 Lidya Madencilik Turkey Gediktepe Project Mining 50% N/D
107 Lincoln Electric USA Kaynak Tekniği Sanayi Manufacturing 50% N/D ve Ticaret A.Ş.
108 Litum Technologies Turkey Okyanus Teknoloji Technology 100% N/D
109 Lotte Advanced Materials South Korea Peker Yüzey Tasarımları A.Ş. Manufacturing 73% 112
110 Makers Fund, Balderton Capital Singapore, Dream Games Internet & Mobile N/D 8 UK Services
111 Marubeni Corporation Japan Temsa İş Makinaları Wholesale & 41% N/D Distribution
112 Maxis, Collective Spark Turkey Mutlubiev (Cleanzy) Internet & Mobile N/D 2 Services
113 Mayhoola for Investments Qatar Boyner Perakende ve Tekstil Retail 44% 405 Yatırımları A.Ş.
114 Metito UAE Info Group Chemicals N/D N/D
115 Metric Capital Partners, Morgan UK, USA, Sanovel İlaç, Adilna İlaç, Aset Pharmaceuticals N/D N/D Stanley and Turkish Investors Turkey İlaç (through Yamma Investments)
116 Midpoint Turkey Kırıntı Restaurant Food & Beverage N/D N/D
117 Migros Turkey Paket Lojistik ve Teknoloji A.Ş. Logistics & 25% 1 Transportation
118 Mitsubishi Heavy Industries Air Japan Form VRF Sistemleri Manufacturing N/D N/D Conditioning Europe
119 MLP Care Turkey Çanakkale Özel Anadolu Healthcare 57% N/D Hastanesi
120 MLP Care (through Samsun Medikal Turkey Özel Mehmet Toprak Healthcare 100% N/D Grup Özel Sağlık Hizmetleri A.Ş.) Hastanesi
121 MMC Sanayi ve Ticari Yatırımlar Turkey Eğin Enerji Energy 9% 0
122 Multinet Up Turkey GastroClub Internet & Mobile N/D N/D Services
123 Na-Fi Dış Ticaret A.Ş. Turkey Adabank Financial Services 94% 60
124 Naturel Yenilenebilir Enerji Ticaret Turkey 20 Solar Power Plants of Energy 100% N/D A.Ş. Girişim Elektrik
125 Newrest Group Holding S.A. France Parıltım Endüstriyel Toplu Services 50% N/D Yemek Hizmetleri
126 NIBE Industrier AB Sweden Üntes Manufacturing 50% N/D
127 Nippon Paint Japan Betek Boya Chemicals 96% 247
24 Annual Turkish M&A Review 2019
# Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
128 Nusret Turizm Yatırım A.Ş. Turkey Park Hyatt Istanbul Tourism 100% 57
129 OYAK Birleşik Enerji Turkey Steag Enerji Energy 50% N/D
130 Pan-African Soleil Holdings Pte.Ltd. Singapore Beştepeler Enerji Energy 100% N/D
131 Pasha Investments Azerbaijan Bonfilet Et Sanayi ve Tic. A.Ş. Food & Beverage N/D N/D
132 PayCore (Cardtek) Turkey Mastercard Payment Technology 100% N/D Transaction Services Turkey Bilişim Hizmetleri A.Ş.
133 Payten Poland Mobven Internet & Mobile 100% N/D Services
134 PayU Netherlands iyzico Financial Services 100% 165
135 Polat Enerji Turkey Doruk Enerji and Poyraz Enerji Energy 50% N/D
136 Poneser Kurumsal Donanım Turkey Evde Mimar Internet & Mobile N/D 0 Servisleri Services
137 Private Investor (Ahmet Mete Turkey Tolina Tarım Hayvancılık ve Agriculture & Breeding 44% 0 Hacaloğlu) Gıda Ürünleri
138 Private Investor (Ahmet Musul) Turkey Ekol Lojistik Logistics & 37% N/D Transportation
139 Private Investor (Emin Adanur) Turkey Uludağ Sözlük and İnci Sözlük Internet & Mobile 50%, N/D Services 50%
140 Private Investor (Evren Ilıman) Turkey Altınyağ Kombinaları Food & Beverage 5% 2
141 Private Investor (Hayati Arkaz) Turkey Arkaz Sağlık Hizmetleri A.Ş. Healthcare 57% N/D
142 Private Investor (Ilke Bigan) Turkey Armut.com Internet & Mobile N/D N/D Services
143 Private Investor (Kaan Boyner) Turkey Minoto E Commerce N/D N/D
144 Private Investor (Kıvılcım Çaylı) Turkey Adalethanım Technology N/D N/D
145 Private Investor (Menderes Utku) Turkey Kronotrop Food & Beverage 100% 3
146 Private Investor (Mücahit Bayram) Turkey Avrupa Genel Sağlık Hizmetleri Healthcare 100% 1 A.Ş.
147 Private Investor (Server Fatih Alpay) Turkey ARAR Petrol and Alpay Enerji Energy 5% 1
148 Private Investor (Sibel Gökalp) Turkey Info Yatırım Menkul Değerler Financial Services 36% 3
149 Private Investor (Topbaş Family) Turkey Evidea.com E Commerce N/D N/D
150 Private Investors (Ahmet Bozer, Turkey Twin Technology N/D 0 Erdem Yılmaztürk, Orhan Ayanlar, Banu Kısakürek, Onur Canlıtepe)
151 Private Investors (Ali Rıza Yıldırım, Turkey Viravira.co Internet & Mobile N/D 0 Demirhan Şener, Şevket Başev, Services Murat Akbudak)
152 Private Investors (Alper Akcan, Turkey Alivex Internet & Mobile N/D 0 Mustafa Sevinç, Mustafa Vardalı, Services Burak Sağlık)
153 Private Investors (Alper Akcan, Turkey Lisa Internet & Mobile N/D N/D Mustafa Sevinç, Mustafa Vardalı, Services Burak Sağlık)
25 Annual Turkish M&A Review 2019
# Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
154 Private Investors (Emin Güler Sirer, Turkey BİLira Technology N/D 0 Varol Civil, Alp Ihlamur, Onur Umut)
155 Private Investors (Erim Taylanlar, Turkey Price&Me Internet & Mobile N/D 0 Hande Enes, Abdullah Kırkıncıoğlu, Services Ömer Erkmen, İsmail Murat Özcan, Abdulkadir Özbek)
156 Private Investors (Faik Ulutaş, Turkey Shopi Internet & Mobile N/D 1 Mehmet Sinan Kızıldağ, Haluk Can Services Hür, Ari Keşişoğlu, Fatih Çalkan, Gökçe Kabatepe, Aydın Evren Özol, Melih Ödemiş)
157 Private Investors (Faruk Eczacıbaşı, Turkey Reengen Technology N/D N/D Kerim Sengir, Samet Ensar Sarı, Onur Kavak, Berç Çubukçiyan), İstech
158 Private Investors (Güçlü and Turkey 18 energy companies of Energy N/D N/D Turanlı Families) Hanwha
159 Private Investors (Hande Enes and Turkey Appsilon Diamond Work Technology N/D 1 others)
160 Private Investors (Hande Enes, Turkey PlayZ Internet & Mobile N/D N/D Kaan Kalıpçı, Rıfat Elhadef, Services Demirhan Büyüközcü, Erdem Gezer)
161 Private Investors (Koray Bahar, Ali Turkey Ekmob Technology N/D 0 Rıza Babaoğlan, Altay Tınar, Melih Herman, Merve Gürel, Erman Turan, Engin Mayer Frayman, Sami Can Tandoğdu)
162 Private Investors (Lara Hekimoğlu, Turkey Olleyy Internet & Mobile N/D N/D Melis Hekimoğlu, Tamer Çamkıran, Services Nesim Geron)
163 Private Investors (Utkan Şandan, Turkey Earnado Internet & Mobile N/D 0 Nurettin Şendoğan) Services
164 PropertyFinder Group UAE Zingat E Commerce 20% 12
165 Protan Norway Multiplan Yalıtım Sistemleri Manufacturing 100% N/D
166 Pytch Ventures Malta manibux Internet & Mobile N/D N/D Services
167 QNB Finansbank Turkey Kassa Internet & Mobile N/D 0 Services
168 Quick Sigorta (Maher Yatırım Turkey Kredico Technology N/D N/D Holding)
169 RAST İnşaat Turizm Tekstil Turkey Pavo Technology 5% 1 Otomotiv Gıda Ltd. Şti.
170 Rohto Pharmaceuticals Japan Rebul Personal Care & 20% N/D Cosmetics
171 S.A Industrias Celulosa Aragonesa Spain Plant of Norm Ambalaj Manufacturing 100% N/D
26 Annual Turkish M&A Review 2019
# Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
172 Şans Ortak Girişimi, Sisal Turkey, Italy Milli Piyango Entertainment 100% N/A*
173 SBK Holding Turkey Heksagon Mühendislik ve Services 100% N/D Tasarım A.Ş.
174 SBK Holding Turkey Autoland Otomotiv Services 100% N/D
175 Secom Aktif Yatırım A.Ş. Turkey Kent Güvenlik Services 100% N/D
176 Sicame Group France Şafak Elektrik Manufacturing 100% N/D
177 Şirket Ortağım Angel Investors Turkey Engelsiz Çeviri Technology N/D N/D Network
178 Şirket Ortağım Angel Investors Turkey Hibrigen Healthcare N/D N/D Network
179 SMARTIKS Yazılım A.Ş. Turkey Compello Bilgi Teknolojisi Technology 100% 2 Hizmetleri ve Ticaret A.Ş.
180 SOCAR Turkey Azerbaijan EWE Turkey Holding A.Ş. Energy 100% N/D
181 SOCAR Turkey Azerbaijan SOCAR Turkey LNG Satış Energy 51% N/D
182 Sodexo France HemenYolda Technology N/D 1
183 Soletanche Freyssinet France Zetaş Zemin Teknolojisi Manufacturing 10% N/D
184 Sönmez Holding Turkey Club Salima Tourism 100% N/D
185 Sora Kozmetik Grup Turkey Alix Avien Personal Care & 100% N/D Cosmetics
186 Sovos USA Foriba Technology 100% N/D
187 StartersHub Turkey Udentify Technology N/D 0
188 Startup Wise Guys Estonia LOKI Technology N/D N/D
189 Sumika Polymer Compounds UK Emaş Plastik Manufacturing 100% N/D Europe
190 Sürmegöz Tekstil Turkey Yünsa Textile 58% 12
191 T3 Girişim Merkezi Turkey imageRAD Software Technology N/D N/D
192 T3 Girişim Merkezi Turkey inMapper Internet & Mobile N/D N/D Services
193 T3 Girişim Merkezi Turkey Trexo Inovasyon Technology N/D N/D
194 TAB Gıda Turkey Atakey Patates Gıda San. Food & Beverage 50% N/D Tic. A.Ş.
195 Talanx AG Germany ERGO Sigorta Financial Services 100% N/D
196 Tarvenn Ventures Turkey Sertifier Technology N/D N/D
197 Tarvenn Ventures Turkey Studio Billion Internet & Mobile N/D N/D Services
198 Tarvenn Ventures Turkey Wasp E Commerce N/D N/D
199 Tarvenn Ventures, Private Investors Turkey Kahvegibikahve E Commerce N/D N/D (Ayşe Tuba Araz, Figen Korun, Sinan Güler, Tolunay Yıldız, Nur Öztürk, Ömer Duran, Ramazan Evren, Tarman Danışmanlık, Tuba Dönmez, Şükrü Dönmez)
* Deal structure includes revenue sharing model, thus no transaction value is assigned. 27 Annual Turkish M&A Review 2019
# Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
200 Tarvenn Ventures, Private Investors Turkey ForFarming Technology N/D N/D (Volkan Çağsal, Gamze Sart, Mehmet Tarman, Efe Tarman, Müge Karadayı, Figen Korun, Tolunay Yıldız, Frederic Fatih Pagy, Belkıs Kuşçulu Özer)
201 Taxim Capital Turkey ALKE Sağlık Ürünleri Pharmaceuticals 100% N/D
202 Taxim Capital Turkey Netcad Technology 21% N/D
203 Taxim Capital Turkey SR Bilişim and Biznet Bilişim Technology N/D, N/D N/D
204 Taxim Capital (through BigChefs) Turkey Numnum Restoranları Food & Beverage 100% 2
205 TEB Portföy Turkey ING Portföy Financial Services 100% N/D
206 Teknoban Telekominikasyon Turkey İntegreen Yenilenebilir Enerji Energy 35% 0 Teknolojileri A.Ş Sistemleri A.Ş.
207 Tepe Servis ve Yönetim A.Ş. Turkey Adonis Endüstriyel Temizlik Wholesale & 100% N/D Ürünleri A.Ş. Distribution
208 Tezcanlar Yatırım Turkey Tat Nişasta Food & Beverage 50% N/D
209 TIL Holding Switzerland Marport Liman İşletmeleri Infrastructure N/D N/D
210 Toros Tarım Turkey CFS Petrokimya Sanayi A.Ş. Chemicals 100% 1
211 Toros Tarım Turkey Gönen Renewable Energy Energy 70% 5
212 True Value Capital Partners Turkey Temsa Ulaşım Araçları Manufacturing 100% 63
213 TT Ventures Turkey ELTEM-TEK Elektrik Tesisleri Energy 11% N/D ve Mühendislik Hizmetleri A.Ş.
214 TT Ventures, Idacapital, Capria Turkey, USA MentalUP Internet & Mobile N/D N/D Services
215 TUI Group (through Robinson Germany Evre Grup Turizm Yatırım A.Ş. Tourism 100% 81 Club GmbH)
216 TUI Group (through TT Hotels Germany Club Asteria Belek Tourism 100% N/D Turkey)
217 TUI Group (through TUI Travel Germany D-Marin Grand Azur Tourism 100% N/D Overseas Holdings Limited)
218 TUI Group (through TUI Travel Germany Magic Life Masmavi Club & Tourism 100% N/D Overseas Holdings Limited) Resort
219 Türk Holding Girişim Sermayesi Turkey Payfull Internet & Mobile N/D N/D Services
220 Türkiye Şişe ve Cam Fabrikaları A.Ş. Turkey Paşabahçe Cam Sanayi Manufacturing 15% 168
221 Türkiye Varlık Fonu Turkey Borsa Istanbul Financial Services 10% N/D
222 TÜV Austria Holding Austria Sila Kalite Services 51% N/D
223 Undisclosed Investor Turkey Göynük Mine in Turkey of Mining 100% 1 Tri-Star Resources
28 Annual Turkish M&A Review 2019
# Acquirer Origin Target Sector Stake Deal Value (%) (US$ million)
224 United Initiators GmbH Germany Hidrojen Peroksit A.Ş. Chemicals 100% N/D
225 Up Group France Proceed Labs Technology 100% 3
226 Vela Partners, Atlantic Labs, USA, Meditopia Internet & Mobile N/D 3 Private Investors (Burak Sağlık, Germany, Services Mustafa Sevinç, Mustafa Vardalı, Turkey Alper Akcan, Sinan Güler, Murat Balcı)
227 VeriFone Systems Inc USA Panaroma Bilişim Technology N/D N/D
228 Vinci Venture Capital Turkey Octovan Internet & Mobile N/D N/D Services
229 Vinci Venture Capital, StartersHub, Turkey Thread In Motion Technology N/D N/D Private Investors (Ebru Dorman, Onur Topaç, Murat Balcı)
230 Wamda Capital, 212 Capital UAE, Turkey Martı Internet & Mobile N/D N/D Partners Services
231 Yapı Merkezi İnşaat ve Sanayi A.Ş. Turkey Subor Boru Sanayi ve Manufacturing 30% 0 Ticaret A.Ş.
232 Yıldız Holding Turkey SCA Yıldız Kağıt (Komili Kağıt) Manufacturing 50% N/D
233 Ziraat Girişim Sermayesi Turkey Metal Oto Services N/D N/D
29 Deloitte Turkey
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